# In the matter of Stone India Ltd.

> NCLT judgment dated 2019-01-11. Citation: TCN-2019-NCLT-05269. The case involves a corporate insolvency resolution process under the IBC. The Hon'ble…

- **Court:** NCLT
- **Order date:** 11 Jan 2019
- **Citation:** TCN-2019-NCLT-05269
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/stone-india-ltd-6672b97d

## Summary

### Background

The case involves a corporate insolvency resolution process under the IBC. The Hon'ble Appellate Tribunal in Company Appeal (AT)(Insolvency) No.482 of 2018 has set aside the order of admission with a direction regarding the payment of fees to the Interim Resolution Professional (IRP). The IRP has submitted a memo of cost to the Corporate Debtor.

## Facts

The case originates from a Corporate Insolvency Resolution Process (CIRP) initiated against Stone India Ltd. An Interim Resolution Professional (IRP) was appointed. The Appellate Tribunal, in Company Appeal (AT)(Insolvency) No.482 of 2018, set aside the initial order of admission. The Appellate Tribunal directed that the Corporate Debtor should pay the fees of the IRP for the period he functioned. The IRP has submitted a memo of cost to the Corporate Debtor. The Corporate Debtor is now directed to consider and decide on the fees demanded by the IRP. The matter is listed for hearing on 13.02.2019 regarding the fixation of IRP fees.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor is obligated to pay the fees of the Interim Resolution Professional as …

**Ratio:** The principle is that the Corporate Debtor is responsible for paying the fees of the

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**Reasoning:** The Appellate Tribunal has already ruled on the matter of IRP fees, directing the

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**Interpretation:** The Appellate Tribunal's order is interpreted as a binding direction on the

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**Application:** The Corporate Debtor is obligated to pay the IRP fees as per the Appellate

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## Parties

- **Judges:** Jinan…
- **Appellants:** Debashis Chakrabor…
- **Respondents:** Stone Indi…

## Timeline

- **2018-01-01 — Company Appeal…**: Appellate Tribunal set aside the order of…
- **2019-01-11 — Hearing…**: Hearing on 11th…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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